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Federal Reserve Governor Laurence Meyer spoke to a group of civic leaders in Anchorage, Alaska yesterday afternoon. In his prepared statements, Meyer suggested that although the data showed that the economy did not slow much in the second quarter, it may soften some in the second half of the year. Last week, the Commerce Department released its advance second-quarter gross-domestic-product (GDP) figure, which came in at a higher-than-expected 5.2-percent growth rate. Meyer said that the items that contributed to the strong second-quarter growth, higher inventories and higher government spending, should slow somewhat. He also noted that though productivity has increased in recent years, it is likely to be only a temporary disinflationary force. The Federal Open Market Committee meets on August 22 to decide the future of short-term interest rates.